Two Colorado Bioscience Legislative Initiatives Rank Among BIO's Best Practices in the Nation
Two Colorado bioscience legislative initiatives are included in the national BIO "State Legislative Best Practices in Support of Bioscience Industry Development," report issued late last year for state legislation promoting growth of bioscience clusters in 2005-06. Of the 23 standout initiatives, only two other states, California and Texas, had two projects highlighted.
Denver, CO (PRWEB) March 14, 2007 -- Two Colorado bioscience legislative initiatives are included in the national BIO "State Legislative Best Practices in Support of Bioscience Industry Development," report issued late last year reviewing state legislation effectively promoting growth of bioscience clusters in 2005-06. The announcement is by Denise Brown, Executive Director of Colorado Bioscience Association (CBSA), who says the following two Colorado initiatives made the national list of best practices:
- Technology Transfer & Commercialization: Advancement of New Bioscience Discoveries Initiative
Colorado's "Advancement of New Bioscience Discoveries" legislation of 2005 is essentially a state bioscience proof of concept (POC) program. This program provides funds to be used on a one-to-one matched basis for development-oriented research to accelerate commercialization by reducing inventions to operational practice and validating their ability to address significant market applications. The State bioscience preclinical research program awards (which include an 8% facilities and administrative cost) are designated at between $50k and $200k. Technologies are competitively selected after several steps to confirm the potential for commercial success.
- Supportive Business Climate Initiatives: Colorado's Sales Tax Exemption for R&D Equipment
The Colorado State Legislature enacted legislation in 2006 establishing a refund for qualified taxpayers of all state sales and use tax paid during a given calendar year for the purchase, storage, use, or consumption of tangible personal property to be used in Colorado directly and predominately in research and development of biotechnology.
"At CBSA we work very diligently with our state legislative partners to improve the business climate for Colorado's bioscience industry, and we are simply delighted to have two initiatives highlighted out of only 23 in the nation in the new report," says Brown. "Of the 23 standout initiatives, only two other states, California and Texas, had two projects included."
During the 2005-2006 legislative sessions, an unprecedented number of states passed legislation to support the growth of the bioscience industry. From the creation of venture capital fund pools for emerging companies, to increased training initiatives and tax incentives for investing in bioscience companies, state governments are actively engaging in efforts to create high-skill, high wage jobs and generate economic value. Read the full report at: http://www.bio.org/local/industryDev/IndustryDevelopmentSupport_BIO.pdf.
According to the report, the bioscience industry in the U.S. continues to be a strategic growth industry. Ten years ago the competition for this industry was primarily within U.S. borders. However, a variety of factors - low cost labor, speed of information dissemination, and available risk capital - has increased global competition for the industry. Europe and Asia are actively promoting opportunities for bioscience companies. State governments have in turn acknowledged the increased competition for developing biosciences industry clusters and are actively working to develop and promote the growth of various sectors within the biosciences.
About the Biotechnology Industry Organization
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products. For more information, visit http://www.bio.org.
About the Colorado BioScience Association
CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 300 members, CBSA actively works to promote the growth of the industry by working for a better business environment, growing the state's biotech workforce, fighting for policies that support a strong bioscience industry in the state and speaking with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com.
Contacts:
Denise Brown, Executive Director, Colorado BioScience Association http://www.cobioscience.com -- 303.592.4073
Maggie Chamberlin Holben, APR, Absolutely Public Relations http://www.absolutelypr.com -- 303.984.9801
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